Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $113,874
- Funds due
- $125,100
- Interest + MI left
- $123,107
- First ends
- Jan 2052
Assumption
Assumption + second
$2,507/mo
+$644/mo- Down payment
- $33,874
- Funds due
- $46,528
- Interest + MI left
- $274,839
- First ends
- Jan 2052
New loan
New conventional
$2,739/mo
+$876/mo- Down payment
- $33,874
- Funds due
- $43,329
- Interest + MI left
- $437,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,126 | $219,126 | $299,126 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,035.66 | $1,035.66 | $2,026.38 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $174.22 | $174.22 | $59.83 |
| Taxes, insurance & HOA | $653.17 | $653.17 | $653.17 |
| Total housing payment | $1,863.05 | $2,506.75 | $2,739.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,874
Closing costs & prepaids$12,654
Usable credit−$0
Total buyer cash needed$46,528
Earnest money paid−$0
Remaining funds due$46,528
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,330.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$399.50
Initial HOA (3 months)$1,110.00
Prepaid interest, first (9 days)$161.55
Prepaid interest, second (9 days)$177.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 1 moOf the original 30-year loan at 2.99%
Interest already paid$34,268Through Dec 2026
Assumption only · ends Jan 2052$123,107
Assumption + second · ends Jan 2052, second Jan 2057$274,839
New conventional · ends Jan 2057$437,312